- US yields have tracked lower today, amid limited news flow. Japan yields are little changed after a strong 30yr auction. Earlier data stronger labor cash earnings figures, but sentiment didn't shift much in the FX/bond space. Real wages remained negative.
- Australian retail sales were positive but below expectations, weighing on the AUD. RBA easing expectations for February remain elevated.
- China's headline CPI eased as expected, but core improved further (albeit from low levels). The PBoC will issue record yuan bill issuance in Hong Kong next week.
- Later the Fed’s Harker, Collins, Barkin, Schmid and Bowman speak. US December Challenger job cuts, euro November retail sales, German November trade & IP print.
MARKETS
- Tsys yields have continued to grind lower throughout the Asian session, with yields now 2 to 2.6bps lower with slightly better buying seen through the belly of curves. There has been little in the way of headlines, although we did just see the highest demand for 30yr JGBs since 2020. The 10yr is trading -2.4bps at 4.665%, with the 2s10s curve holding just below 40bps at 39.860
- Futures are slightly higher, the FV having broken above the overnight highs, last +03¾ at 106-04¼ . TY is +05+ at 108-10, the trend condition is unchanged and remains bearish. This week’s fresh cycle low confirms a resumption of the downtrend. Price has traded through the 108-00 handle exposing 107-19+ next, a Fibonacci projection. Note too that moving average studies remain in a bear-mode position highlighting a dominant downtrend. Key short-term resistance is seen at 109-04+, the 20-day EMA.
JGBS: Cash Bonds Little Changed After Strong 30Y Auction
JGB futures are currently -2 versus settlement levels. After an initial spike lower following stronger-than-expected cash earnings, futures quickly reversed course and drifted higher into the lunch break. They reached new session highs in early afternoon trading following a strong 30-year auction. However, the move proved short-lived, with prices now back close to flat.
- Outside of the previously outlined cash earnings, there hasn't been much by way of domestic drivers to flag.
- Cash US tsys are 2-3bp richer in today’s Asia-Pac session. Reminder: Open outcry and CME Globex trading session for interest rate products will have an early close of 1300 ET and 1315ET, respectively on January 9, 2025.
- Cash JGBs are flat to 1bp cheaper across benchmarks. The benchmark 10-year yield is 0.9bp higher at 1.187% after setting a fresh cycle high of 1.19% today.
- The 30-year is dealing 0.2bp higher at 2.34% after today’s strong auction, which delivered the highest cover ratio for a 30-year auction since 2020.
- Swap rates are 2bps lower to 2bps higher, with a steepening bias.
- Tomorrow, the local calendar will see Household Spending, and Leading and Coincident Indices.
JAPAN DATA: Firmer Earnings Data, Real Wages Remain Negative Y/Y Though
Japan labor earnings data was better than market forecasts. Nominal cash earnings rose 3.0%y/y, against a 2.7% forecast. The prior was revised down to 2.2% from 2.6% initially reported. In real terms, earnings were still negative at -0.3%y/y, but this was also better than the -0.6% forecast. Revisions saw the flat Oct outcome revised to a -0.4% fall.
- For the same sample base figures, cash earnings rose 3.5%y/y, against a 2.8% forecast (which was also the prior outcome). Cash earnings are off cycle highs (above 5%y/y) but remain very elevated by historical standards. Scheduled full time pay rose 2.8%y/y, in line with expectations, but slightly off Oct's 2.9% pace. Still this metric remains close to 2024 cycle highs.
- In terms of the detail, bonus payments rebounded 7.9%y/y (from -2.2% in Oct), which helped the headline earnings result. Hours worked were -0.2%y/y, but we are up from recent lows of -2.7%.
- The chart below plots real wages against real household spending. The trend is positive for real wages, albeit still negative in y/y terms and from a low base. The authorities will want to see this trend continue and spill over into positive real spending trends as we progress through 2025.
- From a BoJ standpoint, the positive surprise today will be encouraging, but may not be strong enough to shift near term rate hike thinking.
Fig 1: Japan Real Wages & Real Household Spending Y/Y
Source: MNI - Market News/Bloomberg
JAPAN DATA: Offshore Flows Muted Due To Holidays, Local Investors Sell Bonds
Offshore flows into Japan assets were relatively muted into the week ending Jan 3. Given onshore markets were closed from Wed-Fri of that week, such trends aren't that surprising though. We saw modest outflows in terms of local stocks, while flows into local bonds were positive, but this followed decent outflows in the prior two weeks.
- In terms of Japan outbound flows, local investors continued to sell offshore bonds for the third straight week. This has been a fairly consistent trend/theme going back to mid October, with reflating US yields crimping global bond returns.
- In the equity space, local investors continued to buy overseas stocks. This was the fourth straight week of net purchases in this space, ending a run of consistent selling seen since mid Oct.
Table 1: Japan Weekly Investment Flows
| Billion Yen | Week ending Jan 3 | Prior Week |
| Foreign Buying Japan Stocks | -74.0 | 562.7 |
| Foreign Buying Japan Bonds | 154.8 | -536.4 |
| Japan Buying Foreign Bonds | -331.8 | -228.6 |
| Japan Buying Foreign Stocks | 325.1 | 226.9 |
Source: MNI - Market News/Bloomberg
AUSSIE BONDS: Unchanged But At Session Highs, Early Close For US Tsys
ACGBs (YM +1.0& XM flat) are slightly richer and near Sydney session highs after Retail Sales undershot expectations.
- November retail sales rose 0.8% m/m boosted by Black Friday sales, the eighth straight monthly increase. The annual rate eased to 3.0% y/y from 3.5% y/y but continues to signal a pickup in spending in H2 2024.
- Cash US tsys are 2-3bp richening in cash US tsys in today’s Asia-Pac session. Reminder: Open outcry and CME Globex trading session for interest rate products will have an early close of 1300 ET and 1315ET, respectively on January 9, 2025.
- Cash ACGBs are flat to 1bp richer with the AU-US 10-year yield differential at -17bps.
- Swap rates are 1-2bps lower, with EFPs slightly tighter.
- The bills strip has twist-flattened, with pricing -1 to +3.
- RBA-dated OIS pricing is flat to 3bps softer across meetings today and is 2-6bps softer compared to pre-CPI levels from yesterday. A 25bp rate cut is more than fully priced for April (120%), with the probability of a February cut rising to 72% (based on an effective cash rate of 4.34%).
- Tomorrow, the local calendar will see Household Spending data.
- AOFM Bond issuance is expected to resume in the week beginning 13 January 2025.
AUSTRALIA DATA: Discounting Boosts November Sales, Spending Data On Friday
November retail sales rose 0.8% m/m boosted by Black Friday sales, the eighth straight monthly increase. The annual rate eased to 3.0% y/y from 3.5% y/y but continues to signal a pickup in spending in H2 2024. Three-month momentum is at its highest in two years as disposable income growth improves with wage increases, lower inflation and tax cuts.
- Around mid-2025 retail sales will be replaced by household spending, a more comprehensive measure including services, which is released January 10 for November.
- Discounts have spread to the whole of November from just Cyber week, according to the ABS.
- The ABS noted that Black Friday discounting boosted all retail sectors but clothing & footwear and department stores saw the largest increases at +1.6% m/m and 1.8% m/m respectively. Price reductions included food and restaurant/café sales rose strongly up 1.5% m/m and food retailing +0.5%.
- Sales in all sectors excluding department stores are higher compared to a year ago.
Australia retail sales $mn
AUSTRALIA DATA: Surplus Widens But Trend Export Growth Weak
The November merchandise trade surplus widened sharply to $7.08bn from $5.67bn as export growth outpaced imports. Through the volatility though goods exports remain soft and imports consistent with lacklustre domestic demand.
- Goods exports rose 4.8% m/m to be still down 5% y/y after -10.1% y/y in October. Both rural and non-rural shipments rose on the month up 18.1% and 2.1% respectively.
- The strength in rural was driven by the “other” component but all major categories were higher in November. All major non-rural commodities increased on the month except metals, helped by higher iron ore, coal and LNG prices.
- Merchandise imports increased 1.7% m/m driven by fuels & lubricants boosted by higher prices. Imports are now up 6.2% y/y after declining 3.3% in October.
- After declining the previous three months, capex good imports rose 3.3% m/m to be up 0.8% y/y, with all major categories ex aircraft rising, but consumer goods remain the strongest at +15.8% y/y despite a 0.5% m/m fall in November due to vehicles.
Australia merchandise trade balance A$mn
Source: MNI - Market News/ABS
AUSTRALIA DATA: Shipments To China Continue To Contract
While merchandise exports were strong in November with iron ore, coal and LNG prices higher, shipments to key Asian destinations remained weak.
- China accounted for 36% of Australia’s total exports in 2023 worth around 7% of GDP, whereas the US was only 3.7% of exports and less than a percent of GDP. This was an unfortunate structure in 2024 with shipments to China weak but strong to the US.
- In November, goods exports to China fell 19.7% y/y, while they rose 16.1% y/y to the US. Other Asian destinations were also weak with shipments to Korea down 8.6% y/y and to Japan -3.5% y/y, but to India up 16.7% y/y and Indonesia +20.4% y/y.
- Higher commodity prices supported export values as volumes fell for coal (although thermal was higher) and LNG. Iron ore volumes were higher though driven by shipments to China, Korea and Japan but they fell to Indonesia. Coal volumes were up to Indonesia, the Netherlands, China and Japan but down to Korea and India.
Goods exports y/y%
BONDS: NZGBS: Slightly Richer As Early Cheapening Reversed
NZGBs closed 1-3bps richer, with a steeper 2/10 curve, after dealing 3bps cheaper early. With the local calendar empty, price swings can be traced back to a 2-3bp richening in cash US tsys in today’s Asia-Pac session.
- Reminder: Open outcry and CME Globex trading session for interest rate products will have an early close of 1300 ET and 1315ET, respectively on January 9, 2025. Sole US data today: Challenger Job Cuts at 0730ET; Several Fed speakers throughout the day.
- Swap rates are 1-3bps higher.
- On a relative basis, NZGBs underperformed slightly with the NZ-US and NZ-AU 10-year yield differentials ~1bp wider.
- Swap rates closed 1-3bps lower, with the 2s10s curve steeper.
- RBNZ dated OIS pricing closed flat to 4bps softer. 51bps of easing is priced for February, with a cumulative 129bps by November 2025.
- The local calendar is empty tomorrow. The next data release is Monday, with Building Permits and Filled Jobs on tap.
FOREX: Yen Outperforms Amid Lower Yields/Equities, AUD/USD Back Sub 0.6200
Yen has outperformed in the G10 space so far in Thursday trade. Trends elsewhere are biased in favor of the USD, particularly against AUD and NZD. The BBDXY index is little changed though, last near 1311.4.
- USD/JPY is back sub 158.00, last near 157.80, around session lows and 0.35% stronger in yen terms. Earlier we had stronger than labor earnings data, although the initial reaction for USD/JPY was fairly muted.
- Cross asset supports have been evident though, with US yields a little over 2bps softer across the Tsy benchmarks. US equity futures are lower as well, after headlines crossed earlier that the Biden administration would curb chip exports further. Regional equity markets are also mostly softer.
- AUD/USD is testing under 0.6200, although is still above intra-session lows from Wednesday at 0.6188. We had retail sales slightly below expectations (+0.80%, versus +1.% forecast), while the trade surplus was higher than forecast. Market pricing for an RBA cut at the Feb meeting is just over 70%, supported after yesterday's slower core CPI print and retail sales today. NZD/USD has fallen in sympathy with the A$, off by 0.20%, last under 0.5600.
- AUD/JPY is back sub 98.00, but still above recent lows around the 97.00 level.
- EUR/USD is down slightly, but holding above 1.0300 at this stage.
- GBP/USD continues to soften, last near 1.2330/35, which is still above lows from Wednesday, but downside focus remain in play for the pair. 2024 lows just under 1.2300 aren't too far away.
- Later the Fed’s Harker, Collins, Barkin, Schmid and Bowman speak. US December Challenger job cuts, euro November retail sales, German November trade & IP print.
EQUITIES: China & Hong Kong Equities Mixed, China CPI Inline With Expectations
Chinese & Hong Kong markets are mixed today, as the market digests CPI data which highlighted worsening deflationary pressures. While Chinese policies are seen as nearing a potential bottoming-out phase, global investors remain cautious, favoring US equities. Additionally, expanding US restrictions on AI chip exports may weigh on sentiment, as they could limit access to advanced technologies crucial for China's tech sector.
- China's CPI slowed to 0.1% in December, marking the fourth consecutive month of deceleration and highlighting persistent deflationary pressures, with factory prices falling for the 27th month. While core CPI rose to 0.4%, the highest since July, weak price growth remains a concern for policymakers aiming to boost domestic demand and prevent a deflationary spiral.
- Economists warn that despite government efforts like subsidies and potential monetary easing, such as rate and RRR cuts, challenges persist in shifting sentiment and sustaining growth. The subdued inflation adds urgency to Beijing's push for targeted stimulus to revive consumption and investment.
- Overall markets are relatively subdued today with most sectors trading in narrow ranges. The HSI is 0.40% higher, the Mainland Property Index is +0.35%, while HS Tech Index is 0.50% higher. In Mainland China equities the CSI 300 is flat, CSI 300 Tech is 1% higher.
Equities Lower As Market Remains Cautious Ahead Of US Jobs
Asian shares declined amid caution ahead of the US jobs report and a market holiday. Japanese and Australian stocks fell, while Chinese equities fluctuated after data highlighted worsening deflationary pressures, casting doubt on the effectiveness of Beijing's stimulus. Weak retail sales data in Australia pressured the AUD lower, fueling rate cut expectations, while strong wage growth in Japan supported the yen and raised speculation of a BOJ rate hike. Semiconductor stocks were flat despite news of potential US export restrictions on AI chips, with Nvidia dipping in after-hours trading. Investors remain focused on Friday’s US payrolls report, which could shape Federal Reserve policy expectations.
- Foreign Investors have been better buyers of South Korea equities today, with a net inflow of $240m, with the majority of those flows heading into Tech stocks.
- APAC markets: Japan's Nikkei is -1.40%, TOPIX -1.45%, Hong Kong's HSI +0.10%, China's CSI 300 is flat, Taiwan's TAIEX is -0.95%, South Korea's KOSPI is -0.10%, Australia's ASX200 -0.40% and New Zealand's NZX 50 is -0.75%
- US Equities will be closed tonight to honor former US President Jimmy Carter, US equity futures are slightly lower today with S&P 500 Eminis and Nasdaq Eminis both -0.27%
EQUITIES: Equity Flows Muted, Taiwan Sees Outflow After Strong Start To Year
Decent outflow from Taiwan on Wednesday, although the country has still seen $806m of inflows in the first week of the year. Elsewhere flows were mixed, with nothing major to note.
- South Korea: Recorded inflows of +$66m yesterday, contributing to a 5-day total of +$353m. YTD flows are also positive at +$353m. The 5-day average is +$71m, better than the 20-day average of -$62m and the 100-day average of -$140m.
- Taiwan: Saw significant outflows of -$494m yesterday, but the 5-day total remains positive at +$806m. YTD flows are also positive at +$806m. The 5-day average is +$161m, better than the 20-day average of -$48m and the 100-day average of -$63m.
- India: Registered outflows of -$142m yesterday, bringing the 5-day total to -$709m. YTD flows are negative at -$709m. The 5-day average is -$142m, worse than the 20-day average of -$118m and the 100-day average of -$39m.
- Indonesia: Posted outflows of -$22m yesterday, with the 5-day total at -$171m. YTD flows are negative at -$171m. The 5-day average is -$34m, worse than the 20-day average of -$28m and the 100-day average of +$8m.
- Thailand: Recorded outflows of -$32m yesterday, but the 5-day total is positive at +$34m. YTD flows are also positive at +$34m. The 5-day average is +$7m, better than the 20-day average of -$12m and the 100-day average of -$8m.
- Malaysia: Registered outflows of -$25m yesterday, contributing to a 5-day total of -$83m. YTD flows are negative at -$83m. The 5-day average is -$17m, better than the 20-day average of -$26m but worse than the 100-day average of -$10m.
- Philippines: Saw outflows of -$9m yesterday, bringing the 5-day total to -$22m. YTD flows are negative at -$22m. The 5-day average is -$4m, better than the 20-day average of -$5m and the 100-day average of +$1m.
Table 1: EM Asia Equity Flows
Oil Off Intraday Lows, Significant Uncertainty Around Outlook
Oil prices continued declining during APAC trading today pressured by another very low China inflation print after falling over a percent on Wednesday. They are off their intraday lows now. WTI is down 0.2% to $73.16/bbl after falling to $72.84. Brent is also 0.2% lower at $76.00 following a trough of $75.68. The USD index is down 0.1%.
- China’s December CPI inflation eased further towards zero at only +0.1% y/y after 0.2% the previous month. The PPI improved slightly falling 2.3% y/y after -2.5%.
- 2025 has been widely forecast to have an oil surplus as China demand stays weak and non-OPEC output rises but there is significant uncertainty coming from the new US administration’s energy and sanctions policies. The next few months may provide clarity on this. Demand for Russian and Iranian oil seems to be impacted by current US sanctions but there is a significant chance that measures against Iran will be tightened substantially under President-elect Trump.
- Tariffs against Canada also remain a significant uncertainty. It is a large oil exporter to the US with the Midwestern refineries geared for the heavy crude it ships.
- The EIA reported US inventories fell 959k barrels last week, the seventh consecutive weekly decline, but product stocks continued to rise with gasoline up 6.33mn and distillate 6.07mn. Refinery utilisation rose 0.6pp to 93.3%.
- Later the Fed’s Harker, Collins, Barkin, Schmid and Bowman speak. US December Challenger job cuts, euro November retail sales, German November trade & IP print.
GOLD: Holding Recent Gains Ahead Of Key US Data
Gold is tracking near $2658.5 in latest dealings, little changed in Thursday trade so far. This is holding Wednesday's +0.50% gain which followed Tuesday's similar rise, which is keeping bullion in a modest uptrend. Wednesday highs were close to $2670, fresh highs since Dec 17 last year. Greater upside focus is likely to rest on a retest of the $2700 level. Downside support has been evident around the 100-day MA, near $2629.5.
- Gold has outperformed the elevated USD backdrop, although some slowing in the rise of US yields is likely helping (nominal yields have eased today). A further addition by China its gold reserves is another positive structural factor.
- The key event risk is likely to rest with Friday's NFP print in the US.
CHINA DATA: Dec Inflation Close To Expectations, Core CPI Improves Modestly
China headline Dec inflation figures were close to market expectations. The CPI rose 0.1%y/y, as expected (prior was 0.2%), while the PPI was -2.3%y/y, versus -2.4% forecast and -2.5% prior. In m/m terms, the CPI was flat, while the PPI fell -0.1%.
- For headline a drag came from food, which fell -0.5%y/y (against a 1.0% rise in Nov). Non-food inflation ticked up to 0.2%y/y, from flat in Nov. Consumer goods were down -0.2%y/y, while services were 0.5%y/y, in line with recent trends.
- Core inflation (ex food and energy) was +0.4%y/y, up from recent cycle lows of 0.1% (seen in Sep last year).
- By sub category trends were mixed. Household items and transport were drags in y/y terms, while clothing, medical and recreation were positives.
- An argument could be made that China government bond yields have overshot to the downside given the modest improvement in the core inflation trend. The chart below plots core CPI y/y against the 10yr government bond yield.
- Still, there are lots of other moving parts in terms of PBoC easing expectations and still likely asset allocation flows into the bond market. The base case is that yield up moves are still likely to draw bond buying interest from the market
Fig 1: China Core Inflation Against 10yr Government Yield
Source: MNI - Market News/Bloomberg
- On the PPI side, all sub categories, except for daily use items remain in negative y/y territory. The positive momentum seen in global commodity prices may help disinflation in the raw materials space lesson (currently at -2.2%). Still manufacturing remains negative at -2.7% as do consumer goods. The consumer durables sub category was -3.1%y/y for Dec.
- The PPI is continuing to argue for less CNY NEER upside, see the chart below. However, with the authorities guarding against USD/CNY gains, the yuan may continue to outperform any further bouts of broad USD strength.
Fig 2: CNY NEER Y/Y & China PPI Y/Y (6 months Forward)
Source: MNI - Market News/Bloomberg
CNH: USD/CNH Up From Lows, Implied Yields Elevated But Unlikely To Shift Trend
USD/CNH saw earlier lows of 7.3437, but we sit slightly higher now, last near 7.3480. This is a touch firmer for the session in NCH terms, but gains are less than 0.10% at this stage. Earlier highs in the pair were marked at 7.3573.
- Overall USD/CNH remains comfortably within recent ranges. Earlier lows this week (7.3132), on tariff headlines, remain some distance away. The 20-day EMA support point is close to 7.3170.
- The steady fixing bias, which is capping USD/CNY upside above 7.3300, will act as a constraint on USD/CNH upside in the near term. The record Hong Kong yuan bill issuance, set at 60bn yuan for the middle of this month, should tighten offshore liquidity or keep it tight, all else equal. CNH implied yields remain elevated. 1wk tenor 4.42%, 1 month 3.95%, 3.3%, 6 month 2.79%, 2.30%, compared to recent history.
- Still, such a backdrop is unlikely to be a trend shifter for USD/CNH, given still elevated US-CH bond yield differentials and the looming tariff threat from the Trump administration.
- China bond yields are a little higher post the earlier inflation data, which showed further improvement in core inflation, but yield rises are only modest at this stage.
ASIA FX: Mixed SEA FX Trends, Ringgit Seen Undervalued
South East Asia FX trends are mixed, although most USD/Asia pairs sit off earlier highs, consistent with a slight dip in US Tsy yields (off around 2bps for the benchmarks). Upticks in USD/MYR and USD/PHP have been faded, likewise for USD/IDR, while USD/THB holds higher.
- USD/MYR is back sub 4.5000, the pair continuing to draw selling interest above 4.5150. The economic minister stated ringgit is undervalued and should be in the 4.10-4.15 range against the USD. Earlier there were positive comments around the growth outlook for 2025, while the final stage of the petrol subsidy has also been reached (per BBG).
- USD/IDR got to highs of 16258 before selling interest emerged, the pair last at 16220, still 0.15% weaker in IDR terms. Resistance is likely to be evident on moves towards late 2024 highs around 16300. Headlines crossed late yesterday that the government is planning on requiring exporters to keep part of their earnings onshore for a year (up from the current period of 3 months). This move would be aimed at improving the IDR's defense in light of further USD gains this year.
- USD/PHP is back to 58.35/40, off earlier highs above 58.60. The trade figures saw a narrower than forecast for Nov, although lower US yields and a firmer yen have arguably helped PHP more. The pair remains within recent ranges.
- USD/THB has risen to 34.705, fresh highs for 2025, but sits slightly lower latest dealings. Local bond investors see 50bps of BoT cuts this year, starting in Q2.
UP TODAY (TIMES GMT/LOCAL)
| Date | GMT/Local | Impact | Country | Event |
| 09/01/2025 | 0700/0800 | ** |  DE | Trade Balance |
| 09/01/2025 | 0700/0800 | ** | DE | Industrial Production |
| 09/01/2025 | 0900/1000 | *** | DE | North Rhine Westphalia CPI |
| 09/01/2025 | 0930/0930 |  GB | Decision Maker Panel data | |
| 09/01/2025 | 1000/1100 | ** |  EU | Retail Sales |
| 09/01/2025 | 1400/0900 |  US | Philly Fed's Pat Hrker | |
| 09/01/2025 | 1405/0905 | US | Fed's Collins | |
| 09/01/2025 | 1600/1600 | GB | BOE's Breeden Speech at University of Edinburgh | |
| 09/01/2025 | 1630/1130 | ** | US | US Bill 04 Week Treasury Auction Result |
| 09/01/2025 | 1630/1130 | * | US | US Bill 08 Week Treasury Auction Result |
| 09/01/2025 | 1745/1245 | US | Fed's Barkin | |
| 09/01/2025 | 1830/1330 | US | Fed's Schmid | |
| 09/01/2025 | 1835/1335 | US | Fed Gov Bowman | |
| 10/01/2025 | 2330/0830 | ** |  JP | Household spending |
| 10/01/2025 | 0645/0745 | ** |  CH | Unemployment |
| 10/01/2025 | 0700/0800 | *** |  NO | CPI Norway |
| 10/01/2025 | 0700/0800 | ** |  SE | Private Sector Production m/m |
| 10/01/2025 | 0745/0845 | * |  FR | Industrial Production |
| 10/01/2025 | 0745/0845 | ** | FR | Consumer Spending |
| 10/01/2025 | 0800/0900 | ** |  ES | Industrial Production |
| 10/01/2025 | 0900/1000 | * |  IT | Retail Sales |
| 10/01/2025 | 1330/0830 | * |  CA | Building Permits |
| 10/01/2025 | 1330/0830 | *** | CA | Labour Force Survey |
| 10/01/2025 | 1330/0830 | *** | US | Employment Report |
| 10/01/2025 | 1330/0830 | ** | US | WASDE Weekly Import/Export |